Good afternoon: Today's PM — edited by Justin Green — is 597 words, a 2 minute read.
🚗 Situational awareness: Uber's stock price dropped more than 12% after its Q2 revenue and losses missed analyst expectations.
Breaking: Former FBI Deputy Director Andrew McCabe is suing the Justice Department and the FBI for firing him for his "refusal to pledge partisan allegiance" to President Trump. Go deeper.
1 big thing: The other Amazons
"Amazon but for X country" is increasingly on the horizon, but cash payments are holding them back, Axios' Erica Pandey reports.
- Why it matters: Because China leapfrogged credit cards and went straight from cash to mobile payments, e-commerce has boomed there. It accounts for 30% of all retail, compared to the 10% in the U.S.
The big picture: Serving populations that tend to rely on cash and live in harder-to-reach areas, the online retailers of the developing world are searching for creative ways to grow — and keep the international giants at bay.
- By 2020, the global e-commerce market is projected to hit $4.2 trillion, double its size in 2016, according to eMarketer.
- Asia's market, led by India, is expected to grow 25% this year.
- Latin America: 21%.
- Middle East and Africa: 21%.
Between the lines:
- In Africa, Jumia is dealing with homes that lack traditional addresses: "[I]f you say in a city in Africa, 'I live in the third street by the church with the blue door,' that’s the address," Jumia co-founder Sacha Poignonnec said in an interview with McKinsey.
- In Russia, Amazon equivalent Ozon deals with 40% of Russian e-commerce orders still paid for in cash upon delivery and another 20% paid with cards upon delivery.
- And in India, cash is still king, but giants like Amazon, Walmart and Alibaba are making massive investments in homegrown firms like Flipkart and Reliance Retail.
The bottom line: The developing world lags behind. But it's catching up.
Bonus: Pic du jour
Beatles impersonators recreate the iconic "Abbey Road" photograph.
- 50 years ago today, John Lennon, Paul McCartney, George Harrison and Ringo Starr held up traffic on the zebra crossing outside their recording studio in north London to get the cover shot for the album, Abbey Road.
2. What you missed
- None of the eight El Paso victims who were still being treated at University Medical Center agreed to meet with President Trump when he visited yesterday, either because they didn't want to meet with him or didn't want any visitors, the WashPost reports.
- A dangerous combination of hot and dry weather, poor water management and rising demand is leaving cities like Chennai, India, and Harare, Zimbabwe, without water for days on end. Go deeper.
- Palantir has more than $1.5 billion in federal government contracts and deep ties to the Trump administration, yet few people know the company. Go deeper.
- 🎧 Axios Pro Rata Podcast: Corporate America has an opportunity to make meaningful changes to the firearms industry while Congress dithers. But, so far, businesses are staying on the sidelines. Listen here.
- Taylor Swift told Vogue that she chose not to endorse Hillary Clinton during in 2016 because she believed Trump had "[weaponized] the idea of the celebrity endorsement." Go deeper.
- ⚾ P.S. Iowa is finally getting its first MLB game: The Yankees and White Sox will face off in 2020 [Corrected] at the "Field of Dreams" where the 1989 movie was filmed. Go deeper.
3. 1 📽 thing
Barack and Michelle Obama are settling in as Netflix producers, using their star power to court talent like Denzel Washington, The Hollywood Reporter's Tatiana Siegel writes.
- The Obamas' first project, streaming Aug. 21, is"American Factory" — a documentary "about a Chinese billionaire who opens a factory in an abandoned General Motors plant in Ohio."
"Netflix staffers describe the surreal experience of an office visit from the president, who reportedly enters the building via an underground tunnel connected to the parking garage," according to The Hollywood Reporter.
- "Some have found themselves in a spontaneous conversation with Obama about a project, while others are delighted when he remembers their name from a previous meeting."